Opinion: The Skinny on Camp's Tax Reform

This transcript has been automatically generated and may not be 100% accurate.

... I ... the ... it's the it's the it's the it's our is the means committee chairman David Katz tax reform proposal ... is already coming under significant fire from both sides of politics ... is it justified what is this plan actually propose to do ... I've got assistant editorial page editor James Freeman joining me now James ... what's the big picture idea behind this proposal ... and Everton deductions and lower the rates ... of simplicity is the big idea and getting rid of the few dragged the ... complex city in the mid seventy thousand pages Mr. camps in his op ed for us this week to an enormous tax code ... um very complicated impossible for the average person often understand without paying for professional help and that's why ... his estimate is uh hundred sixty billion dollars a year that we lose ... just from of the drag out vote ... on productivity of the so ... the ANA's deductions think that people seem to like so much a charitable mortgage interest ... oh ... well a lot of them get the cutback a charitable deduction of wasn't so over two percent of income as an itemized ... basically a lot of deductions go way in order to bring rates down ... and that the expectation is that almost nobody will itemize anymore ... now ... you might say oh oh no I'm losing all my deductions but of course the rates are coming down so that the really good news is ... you might have once again millions of Americans tens of millions ... able to do their own taxes on understand and a ... and for some up a little less for some probably a little more especially as the anti criticism about a bank tax and they're also they can't this ... punishing millionaires and billionaires by creating a special irate for them what's your response ... I think it is ... when you look at the political ... situation Washington's hard to see how we tax reform of that grows the economy helps Jobs degraded is going to get a signature from present Obama or even before that support from Senate majority leader Harry Reid so what what isn't this planned out that the imperfect world is not recommended is I get some up ... some taxes on the hi and ... bye but I think ... I think overall it it is a winner in terms of our job creation the road when a message on a sheet growth and very quickly I wanna get the dynamic scoring red ... eyes sounds come along and its importance ... I explain it to where I ... was the day of battle low for years we've been waging basically trying to persuade ... a lot about Washington folks that ... incentives matter the tax rate actually affect behavior and ... this is where when you look at this plan it really shines is when ... you realize the of the progeny the economic growth that unleashed when people stop having to spend their time figuring out their taxes and hire accountants and out and try to ... massage the code in the span of time out ... great products and ... in making these ad for this reason you're right it is a bipartisan coalition Washington that hates the stuff because there's a huge industry that lives off complexity of lives off of ... defending in achieving attacks inside the room we also have more money to invest and said can sustain those rates were low it that that that which ... is ... assisting editorial page and James Freeman thanks so much for joining us ...